Employees Retirement System of Texas Sells 5,000 Shares of Public Storage (NYSE:PSA)

Employees Retirement System of Texas decreased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 6.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,611 shares of the real estate investment trust's stock after selling 5,000 shares during the period. Employees Retirement System of Texas' holdings in Public Storage were worth $22,342,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new stake in Public Storage in the fourth quarter worth $931,286,000. Amundi lifted its position in shares of Public Storage by 54.0% in the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust's stock worth $230,426,000 after purchasing an additional 273,486 shares during the period. Aew Capital Management L P boosted its stake in shares of Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock valued at $131,574,000 after purchasing an additional 228,740 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Public Storage during the fourth quarter valued at about $66,253,000. Finally, Russell Investments Group Ltd. raised its stake in Public Storage by 25.5% in the fourth quarter. Russell Investments Group Ltd. now owns 999,426 shares of the real estate investment trust's stock worth $299,006,000 after buying an additional 202,944 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

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Analysts Set New Price Targets

A number of research firms have weighed in on PSA. Wells Fargo & Company reduced their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Barclays reiterated an "overweight" rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Mizuho began coverage on shares of Public Storage in a research note on Wednesday. They issued a "neutral" rating and a $287.00 price target for the company. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a research note on Thursday. Finally, Royal Bank of Canada decreased their target price on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus price target of $332.08.

Public Storage Stock Performance

Shares of PSA stock traded up $1.88 during trading hours on Friday, reaching $279.95. The company had a trading volume of 1,035,590 shares, compared to its average volume of 733,388. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business has a fifty day moving average price of $297.08 and a 200-day moving average price of $313.91. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm has a market cap of $49.11 billion, a PE ratio of 29.07, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.29%. Public Storage's dividend payout ratio is presently 112.89%.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.